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ORDINANCE NO. ~ ~ ~b "~ <br />AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF <br />SOUTH BEND, INDIANA, AUTHORIZING THE MAYOR AND/OR <br />CONTROLLER OF THE CITY OF SOUTH BEND, INDL~NA, TO MAKE <br />TEMPORARY LOANS TO MEET CURRENT OPERATING EXPENSES <br />OF VARIOUS FUNDS OF THE CITY IN ANTICIPATION OF AND NOT <br />IN EXCESS OF CURRENT TAXES LEVIED IN THE YEAR 2007, AND <br />COLLECTABLE IN THE YEAR 2008, AUTHORIZING THE ISSUANCE <br />OF TEMPORARY LOAN TAX ANTICIPATION TIME WARRANTS TO <br />EVIDENCE SUCH LOANS AND THE SALE OF SUCH WARRANTS AND <br />APPROPRIATING AND PLEDGING THE TAXES TO BE RECEIVED IN <br />SUCH FUNDS TO THE PAYMENT OF SUCH WARRANTS INCLUDING <br />THE INTEREST THEREON <br />STATEMENT OF PURPOSE AND INTENT <br />The City Controller (the "City Controller") of the City of South Bend, Indiana <br />(the "City"), has represented and the Common Council of the City (the "Common Council") now <br />finds that there will be insufficient amounts of moneys for the following funds of the City: <br />General Fund, Parks and Recreation, Hall of Fame Debt Service (collectively, the "Funds") to <br />meet the current running expenses of the City payable from each of such Funds during the fiscal <br />year ending December 31, 2008, and prior to the respective June and December settlement and <br />distribution of taxes levied for each such Fund, in particular given that there will not be a full <br />distribution of taxes in June. <br />The Common Council now finds that temporary loans for the Funds for such <br />purposes should be made and that temporary loan tax anticipation time warrants evidencing such <br />loans should be issued and sold, subject to the terms and conditions set forth herein and in <br />accordance with the provisions of Indiana law. The levy proposed for collection for each of the <br />Funds in the year 2008 is estimated to produce in the aggregate, with respect to each such Fund, <br />an amount equal to or in excess of the principal and interest cost of making temporary loans for <br />such Fund. <br />A necessity exists for the making of temporary loans evidenced by temporary loan <br />tax anticipation time warrants for each of the Funds in anticipation of the receipt of current <br />revenues for each such Fund levied and in the course of collection for the year 2008 and the <br />Common Council hereby authorizes the making of temporary loans to procure the amounts <br />necessary, in combination with other available amounts, to meet such current running expenses <br />BDDBOI 5241543v1 <br />